This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rue21, Inc. Announces First Quarter Fiscal Year 2013 Financial Results

WARRENDALE, Pa., June 5, 2013 (GLOBE NEWSWIRE) -- rue21, inc. (Nasdaq:RUE) today announced its financial results for the first quarter ended May 4, 2013.

First Quarter Summary:

For the first quarter of fiscal 2013, net sales increased 9.1% to $224.4 million from $205.6 million a year ago, including a comparable store sales decrease for the quarter of 4.6% following a 1.7% increase in the first quarter of fiscal 2012. The Company opened 41 new stores in the first quarter of fiscal 2013 compared to 40 new stores in the first quarter of fiscal 2012. Gross profit increased by $10.0 million in the first quarter of 2013 to $89.7 million as compared to $79.7 million in the first quarter of fiscal 2012. Gross margin increased 120 bps to 40.0% for the quarter from 38.8% from the first quarter of fiscal 2012. Selling, general and administrative expense increased 18.4%, or $9.9 million, to $63.7 million in the first quarter of 2013 as compared to $53.8 million in the first quarter of 2012. As a percentage of net sales, selling, general and administrative expense increased to 28.4% in the first quarter of 2013 as compared to 26.2% in the first quarter of 2012. The increase was primarily due to deleveraging of store payroll, stock compensation expenses, and e-commerce expenses. E-commerce start-up costs related to planning and designing the e-commerce business, which is expected to begin operations by the end of the year, were $0.7 million in the first quarter of fiscal 2013. Net income decreased 6.9%, or $0.8 million, to $10.8 million for the first quarter, and diluted earnings per share were $0.44 compared to earnings per share of $0.46 in the first quarter of 2012.

Bob Fisch, rue21's President and CEO, stated: "Despite a challenging environment which impacted our first quarter financial results, we are proud to have achieved another 41 successful new store openings, gross margin expansion of 120 basis points, and an increase in gross profit. We also feel positive about the continued progress we made this past quarter on our long term goals, which include opening profitable new stores in underserved markets and moving up the launch of our e-commerce site to the fourth quarter. We are confident that going forward we will be able to continue to produce the consistent productivity and profitability gains that our team is so proud to have delivered over the past 10 years."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.52 0.94%
FB $117.77 -0.67%
GOOG $693.17 -0.72%
YHOO $35.98 -1.50%
TSLA $233.85 -3.30%


Chart of I:DJI
DOW 17,711.39 -179.77 -1.00%
S&P 500 2,059.52 -21.91 -1.05%
NASDAQ 4,759.9470 -57.6470 -1.20%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs